Covid-19 has impacted all our lives and, in my opinion, one change has led to unfortunate consequences. That change is the option made available for people to withdraw money from their superannuation at an age at which they would previously have been denied access for another 20 or 30 years.
Early covid economic activity included a remarkable increase in the sale of items which might otherwise have been seen as a bit of a luxury – for example motorbike sales skyrocketed!
I have nothing against motorbikes or those who ride them, but “raiding” your super account to go and buy a depreciating asset (presumably one that has no income set off) is a misuse of funds that the government, in its wisdom, had previously deemed appropriate for one’s retirement.
Tax laws favour super funds in spades. I can understand the frustration of a 40 year old who cannot touch THEIR money now, but the superannuation system in our country is one that should be embraced by all of us because of the huge tax concessions available within the system.